Viel & Cie

Earnings Release • Apr 6, 2009

2008 consolidated turnover up 21.2% at constant exchange rates

Profit before tax of €118.0 million

Consolidated net profit of €63.2 million

Group share of net profit of €31.7 million

€m	2008	2007*	Change
Consolidated turnover	1 013	896.1	13.0%
Other operating income	2.6	47.1	-94.4%
Operating profit	97.1	122.7	-20.9%
Net financial income	16.6	7.9	110.4%
Share of profits/(losses) from associates	4.2	6.7	n/a
Profit before tax	118.0	137.3	-14.1%
Net profit for the year from continuing operations	66.0	82.9	-20.4%
Profit/(loss) after tax from discontinued operations	-2.8	6.5	-143.8%
Net profit for the year	63.2	89.4	-29.3%
Consolidated net profit – Group share	31.7	56.3	-43.8%
Net earnings per share in €	0.51	0.80	-36.2%

*Figures for 2007 have been restated to take account of discontinued activities.

VIEL & Cie reported consolidated turnover, excluding discontinued operations of operating subsidiaries, of €1,013.0 million in 2008 (2007: €896.1* million), a rise of 13.0% at current exchange rates.

An analysis of the segmental and geographic breakdown of consolidated turnover is as follows:

€m	Interdealer broking		Online trading*		Total
	2008	2007	2008	2007	2008	2007
Europe	434.5	399.8	31.4	33.4	465.9	433.2
Americas	335.2	283.6	-	-	335.2	283.6
Asia-Pacific	211.9	179.3	-	-	211.9	179.3
Total	981.6	862.7	31.4	33.4	1 013.0	896.1

Consolidated operating profit was €97.1 million in 2008 (2007: €122.7 million) When non-recurring items reported under "Other operating income" in 2007 are excluded, consolidated operating profit was up by 25.6% on the year. In 2007, Net income of €46.1 million on investment operations had been recognised under "Other operating income".

* Les comparatifs 2007 ont été ajustés pour tenir compte des activités abandonnées en 2008.

Profit before tax and exceptional items was €118.0 million, against €137.3 million in 2007, giving a pre-tax return of 11.6% (2007: 15.3%).

Consolidated net profit was down 29.3% to €63.2 million, from €89.4 million in 2007. Minority interests stood at €31.5 million, against €33.1 million a year ago.

Group share of net profit was €31.7 million, compared with €56.3 million in 2007.

This net profit brought consolidated shareholders' equity to €308.5 million at 31 December 2008, €201.4 million of which was Group share after deducting the gross value of treasury shares held directly by VIEL & Cie, amounting to €27.3 million. Consolidated available cashflow was €390.8 million. The Group recognised consolidated bank indebtedness of € 293.9 million at 31 December 2008.

At the Annual General Meeting to be held on 4 June 2009, the Board will be seeking shareholder approval to pay a dividend of €0.15 per share (€0.25 in 2008), which will maintain the distribution rate at over 30% of net profit (Group share).

VIEL & Cie comprises three core businesses in the financial sector: Compagnie Financière Tradition, an interdealer broker with a presence in 27 countries, Bourse Direct, a major player in the online trading sector in France, and a 40% stake in SwissLife Banque, present in the private banking sector in France.

VIEL & Cie shares (codes: FR0000050049, VIL) are listed in Compartment B of Euronext Paris, and are included in the SBF 250. For more information about our Group, visit our site at www.viel.com.<.

Paris, 6 April 2009

Contacts:

VIEL & Cie Virginie de Vichet Director of Communications T : + 331 56 43 70 20

Image 7 Estelle Guillot-Tantay T : + 331 53 70 74 93